WIN Magazine - Summer 2016 - (Page 46)

FEATURE A CHANGING WORLD OF BY JIM DEVALL AND LEO GIBBONS W ITH MARKET CONDITIONS set to remain soft and increasing competition for business, it's no surprise that the Managing General Agent (MGA) model continues to grow in popularity and importance in the London market. According to the London Matters report,1 the number of delegated authority holders who underwrite business in their respective 4 6 | v i e w t h i s i s s u e a t | market on behalf of a Lloyd's syndicate grew from 2,329 to 3,941 from 2007 to 2015, and it is estimated at least 69% of Lloyd's gross signed premium in 2014 was written under delegated authority and 69% percentage of that business in turn comes from the US.2 However, the regulatory environment in Lloyd's and the London market is changing, and this brings with it new challenges for MGAs who want to do businesses with carriers based there-challenges that may cause some agents to think twice about whether they have the systems and processes in place to continue to partner with these insurers. Our teams in London and North America have been working hard to understand the issues and identify ways to help North American MGAs to trade profitably within this market sector. We have found for many the central issue is that MGAs want to spend their time developing client relationships and new business, rather than

Table of Contents for the Digital Edition of WIN Magazine - Summer 2016

44,000,000,000,000,000,000,000 Opportunities: The Exponential Cyber Liability Market
AAMGA’S 2016 Winning White Papers
IoT: Insurance, Opportunities, Threats
Hydraulic Fracking: The MGA’s Guide
The Infringement of Standard Markets on the Excess & Surplus Lines Market
Beyond the New Normal: Could the Surplus Lines Market be Heading for a 10% Market Share?
Personal Lines Perspectives: Updates and Opportunities to Writing a Better Exposure
Underwriting Unusual Exposures: Tips, Tools and Techniques
A Changing World of Risk and Regulation
Going to the Dogs—The Cause for Paws: How a Specialty Underwriter is Changing the Lives of Our Best Friends
In the WIN-ner’s Circle: Thomas B. Rogan
In the WIN-ner’s Circle: Roger Ware
5 Steps to Create a Production Culture That Advances Your Business
Index of Advertisers

WIN Magazine - Summer 2016